NetSol Completes Purchase of McCue Systems
Calabasas-based NetSol Technologies Inc. said it has completed its acquisition of Burlingame-based McCue Systems Inc., a provider of lease and loan portfolio management software for banks, leasing companies and manufacturers. NetSol acquired McCue for approximately $8.5 million. Payment consisted of 50 percent cash with the balance paid through the issuance of NetSol’s common stock
IndyMac Passes on Spin-off IPO
IndyMac Bancorp Inc., one of the largest mortgage lenders in the country, said it has dropped plans for an initial public offering of its Financial Freedom Senior Funding unit. The Pasadena-based company added that it will buy out the stake held by the unit’s chairman and chief executive, Jim Mahoney, for $40 million. The price tag for the 6.25 percent stake is half of what IndyMac paid — $80 million to buy 93.75 percent of Financial Freedom from Lehman Brothers Holdings Inc. in 2004. Mahoney will step down as CEO of that division at the end of the year and will be replaced by Michelle Minier, IndyMac’s executive vice president of central mortgage operations. Both executives will be co-CEO’s until then. Mahoney will remain as chairman, according to IndyMac.
Hot Topic Not So Hot in June
Clothing retailer Hot Topic Inc. said same-store sales dropped 3.4 percent for the month of June. Analysts, on average, were expecting a 4.1 percent decline, according to a poll by Thomson Financial. Same-store sales for the quarter so far are down 4.6 percent, and total sales for the quarter are up 7 percent to $107.2 million. Year-to-date same-store sales are down 7.6 percent, and total sales for the year so far are up 4 percent to $261.3 million.
Symantec Honors En Pointe
Symantec Corp. today said that El Segundo-based En Pointe Technologies, Inc. a national technology solutions, was named “Partner of the Year” at its annual partner conference. En Pointe was recognized for. In fiscal year 2006, En Pointe increased its revenue from selling Symantec products by more than 80 percent.
IHOP Hits Ohio
Glendale-based restaurant chain IHOP Corp. said that franchisee Scott Womack will develop 17 IHOP restaurants in Dayton and Columbus, Ohio, over a 12-year period. Financial terms of the agreement were not disclosed. The contract builds on a previous agreement between the two parties, in which Womack was to develop six IHOP restaurants in northeastern Indiana. Four of the six restaurants have already opened for business. More than 90 percent of IHOP restaurants are operated by franchisees, according to the company’s Web site.
